BTSDF (Health and Happiness (H&H) International Holdings) Operating Income: $237 Mil (TTM As of Dec. 2025)

What is Health and Happiness (H&H) International Holdings Operating Income?

Health and Happiness (H&H) International Holdings BTSDF +0.63% 89 Operating Income is $237 Mil as of Dec. 2025. GuruFocus rates BTSDF with a GF Score™ of 89/100 and a GF Value™ of $1.86. The stock has 3 warning signs investors should review.

Health and Happiness (H&H) International Holdings's Operating Income for the six months ended in Dec. 2025 was $108 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was $237 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Health and Happiness (H&H) International Holdings's Operating Income for the six months ended in Dec. 2025 was $108 Mil. Health and Happiness (H&H) International Holdings's Revenue for the six months ended in Dec. 2025 was $1,041 Mil. Therefore, Health and Happiness (H&H) International Holdings's Operating Margin % for the quarter that ended in Dec. 2025 was 10.39%.

Warning Sign:

Health and Happiness (H&H) International Holdings Ltd operating margin has been in a 5-year decline. The average rate of decline per year is -8.1%.

Health and Happiness (H&H) International Holdings's 5-Year average Growth Rate for Operating Margin % was -8.10% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Health and Happiness (H&H) International Holdings's annualized ROC % for the quarter that ended in Dec. 2025 was 4.90%. Health and Happiness (H&H) International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 228.42%.

Health and Happiness (H&H) International Holdings (OTCPK:BTSDF) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Health and Happiness (H&H) International Holdings's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

	ROC % (Q: Dec. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Jun. 2025 )	+	Invested Capital (Q: Dec. 2025 ))	/ count )
=	216.478 * ( 1 - 51.28% )	/	( (2140.066	+	2166.621)	/ 2 )
=	105.4680816	/	2153.3435
=	4.90 %

where

	Invested Capital		(Q: Jun. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2701.173	-	444.564	-	( 252.357	-	max(0, 588.757	-	705.3	+	252.357	))
=	2140.066

	Invested Capital		(Q: Dec. 2025 )
=	Total Assets	-	Accounts Payable & Accrued Expense	-	Excess Cash
=	Total Assets	-	Accounts Payable & Accrued Expense	-	( Cash, Cash Equivalents, Marketable Securities	-	max(0, Total Current Liabilities	-	Total Current Assets	+	Cash, Cash Equivalents, Marketable Securities	))
=	2754.93	-	491.632	-	( 242.646	-	max(0, 655.304	-	751.981	+	242.646	))
=	2166.621

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Health and Happiness (H&H) International Holdings's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Dec. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Jun. 2025		Q: Dec. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	166.744	/	( ( (71.995 + max(-5.1280000000001, 0))	+	(73.955 + max(0.047000000000082, 0)) )	/	2 )
=	166.744	/	( ( 71.995	+	74.002 )	/	2 )
=	166.744	/	72.9985
=	228.42 %

where Working Capital is:

	Working Capital		(Q: Jun. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(159.314	+	269.178	+	19.324)	-	(444.564	+	0	+	8.38)
=	-5.1280000000001

	Working Capital		(Q: Dec. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(128.386	+	279.43	+	90.172)	-	(491.632	+	0	+	6.309)
=	0.047000000000082

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Health and Happiness (H&H) International Holdings's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Dec. 2025 )	/	Revenue (Q: Dec. 2025 )
	=	108.239	/	1041.336
	=	10.39 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Health and Happiness (H&H) International Holdings Operating Income Related Terms

Health and Happiness (H&H) International Holdings Operating Income Historical Data

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The historical data trend for Health and Happiness (H&H) International Holdings's Operating Income can be seen below:

Health and Happiness (H&H) International Holdings Operating Income Chart

Health and Happiness (H&H) International Holdings Annual Data

Trend

Dec16

Dec17

Dec18

Dec19

Dec20

Dec21

Dec22

Dec23

Dec24

Dec25

Operating Income

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253.63

254.17

262.27

182.55

239.39

Health and Happiness (H&H) International Holdings Semi-Annual Data
	Jun16	Dec16	Jun17	Dec17	Jun18	Dec18	Jun19	Dec19	Jun20	Dec20	Jun21	Dec21	Jun22	Dec22	Jun23	Dec23	Jun24	Dec24	Jun25	Dec25
Operating Income	Get a 7-Day Free Trial															91.18	125.61	57.39	128.65	108.24

89GF Score

Health and Happiness (H&H) International Holdings Ltd BTSDF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

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Health and Happiness (H&H) International Holdings Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was $237 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of $237 Mil mean?

Health and Happiness (H&H) International Holdings (BTSDF) has a Operating Income of $237 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Health and Happiness (H&H) International Holdings and its competitors.

Is Health and Happiness (H&H) International Holdings' Operating Income too high?

Health and Happiness (H&H) International Holdings' current Operating Income is $237 Mil. Overall, Health and Happiness (H&H) International Holdings has a GF Score™ of 89/100, reflecting its overall financial health beyond just this single metric.

How does Health and Happiness (H&H) International Holdings' Operating Income compare to KHC and GIS?

Health and Happiness (H&H) International Holdings' Operating Income of $237 Mil can be compared against companies in the Consumer Packaged Goods industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.

What is a good Operating Income for a Consumer Packaged Goods company?

A good Operating Income depends on the Consumer Packaged Goods industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.

What does a high Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Health and Happiness (H&H) International Holdings and its competitors. Health and Happiness (H&H) International Holdings's current Operating Income is $237 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Health and Happiness (H&H) International Holdings stock overvalued right now?

Health and Happiness (H&H) International Holdings (BTSDF) has a current Operating Income of $237 Mil. The stock's GF Value™ is $1.86, compared to a current price of $1.60 — trading 14% below its estimated fair value. The current Operating Income is $237 Mil. Health and Happiness (H&H) International Holdings' overall GF Score™ is 89/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Health and Happiness (H&H) International Holdings (BTSDF), the current Operating Income is $237 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Health and Happiness (H&H) International Holdings (BTSDF) Overvalued in 2026?

Based on GuruFocus' analysis, Health and Happiness (H&H) International Holdings stock appears to be undervalued. The current stock price of $1.60 is trading 14% below its estimated GF Value™ of $1.86.

Key valuation signals for BTSDF:

Operating Income: $237 Mil
GF Value™: $1.86 vs. price of $1.60 (14% below fair value)
GF Score™: 89/100 with 3 warning signs

No single metric tells the full story. See the BTSDF stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Health and Happiness (H&H) International Holdings Business Description

Industry Consumer Defensive Consumer Packaged Goods

Comparable Companies HKSE:02555 HKSE:01475 HKSE:00345 HKSE:02517 HKSE:01610 HKSE:06683 HKSE:09676 HKSE:01837 HKSE:01497 HKSE:06868 XSWX:NESN XPAR:BN BOG:NUTRESA TSE:2802 NSE:NESTLEIND SHSE:603288 KHC SHSE:600887 GIS SZSE:300999

Other Exchanges 01112:Hong Kong 8BI:Germany

Address 18 Westlands Road, Suites 4007-09, 40th Floor, One Island East, Taikoo Place, Quarry Bay, Hong Kong, HKG

Website https://www.hh.global

Health and Happiness (H&H) International Holdings Ltd acts as an investment holding company that manufactures and sells premium pediatric nutrition and baby-care products. The company has core business segments namely Infant formulas; Probiotic and nutritional supplements, Adult nutrition and care products, Other pediatric products & Pet nutrition and care products segments. It generates maximum revenue from Adult nutrition and care products segment. The Infant formulas segment comprises the production of infant formulas for children under seven years old and milk formulas for expectant and nursing mothers. Geographically, the majority of revenue is derived from Mainland China.

89GF Score

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Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

$1.60

Price

$1.86

GF Value

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